Section 9–208. (a) Applicability of section. This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value.
(b) Duties of secured party after receiving demand from debtor. Within 10 days after receiving an authenticated demand by the debtor:
(1) a secured party having control of a deposit account under Section 9–104(a)(2) shall send to the bank with which the deposit account is maintained an authenticated statement that releases the bank from any further obligation to comply with instructions originated by the secured party;
(2) a secured party having control of a deposit account under Section 9–104(a)(3) shall:
(A) pay the debtor the balance on deposit in the deposit account; or
(B) transfer the balance on deposit into a deposit account in the debtor's name;
(3) a secured party, other than a buyer, having control of electronic chattel paper under Section 9–105 shall:
(A) communicate the authoritative copy of the electronic chattel paper to the debtor or its designated custodian;
(B) if the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic chattel paper is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and
(C) take appropriate action to enable the debtor or its designated custodian to make copies of or revisions to the authoritative copy which add or change an identified assignee of the authoritative copy without the consent of the secured party;
(4) a secured party having control of investment property under Section 106(d)(2) or 9–106(b) shall send to the securities intermediary or commodity intermediary with which the security entitlement or commodity contract is maintained an authenticated record that releases the securities intermediary or commodity intermediary from any further obligation to comply with entitlement orders or directions originated by the secured party;
(5) a secured party having control of a letter-of-credit right under Section 9–107 shall send to each person having an unfulfilled obligation to pay or deliver proceeds of the letter of credit to the secured party an authenticated release from any further obligation to pay or deliver proceeds of the letter of credit to the secured party; and
(6) a secured party having control of an electronic document shall:
(A) give control of the electronic document to the debtor or its designated custodian;
(B) if the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic document is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and
(C) take appropriate action to enable the debtor or its designated custodian to make copies of or revisions to the authoritative copy which add or change an identified assignee of the authoritative copy without the consent of the secured party.
Structure Massachusetts General Laws
Part I - Administration of the Government
Title XV - Regulation of Trade
Chapter 106 - Uniform Commercial Code
Article 9 - Secured Transactions
Section 9-403 - Agreement Not to Assert Defenses Against Assignee
Section 9-402 - Secured Party Not Obligated on Contract of Debtor or in Tort
Section 9-401 - Alienability of Debtor's Rights
Section 9-342 - Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement
Section 9-341 - Bank's Rights and Duties With Respect to Deposit Account
Section 9-340 - Effectiveness of Right of Recoupment or Set-Off Against Deposit Account
Section 9-337 - Priority of Security Interests in Goods Covered by Certificate of Title
Section 9-332 - Transfer of Money; Transfer of Funds From Deposit Account
Section 9-334 - Priority of Security Interests in Fixtures and Crops
Section 9-333 - Priority of Certain Liens Arising by Operation of Law
Section 9-404 - Rights Acquired by Assignee; Claims and Defenses Against Assignee
Section 9-330 - Priority of Purchaser of Chattel Paper or Instrument
Section 9-329 - Priority of Security Interests in Letter-of-Credit Right
Section 9-328 - Priority of Security Interests in Investment Property
Section 9-336 - Commingled Goods
Section 9-405 - Modification of Assigned Contract
Section 9-516 - What Constitutes Filing; Effectiveness of Filing
Section 9-514 - Assignment of Powers of Secured Party of Record
Section 9-513 - Termination Statement
Section 9-512 - Amendment of Financing Statement
Section 9-511 - Secured Party of Record
Section 9-510 - Effectiveness of Filed Record
Section 9-509 - Persons Entitled to File a Record
Section 9-507 - Effect of Certain Events on Effectiveness of Financing Statement
Section 9-506 - Effect of Errors or Omissions
Section 9-504 - Indication of Collateral
Section 9-503 - Name of Debtor and Secured Party
Section 9-327 - Priority of Security Interests in Deposit Account
Section 9-409 - Restrictions on Assignment of Letter–of–credit Rights Ineffective
Section 9-326 - Priority of Security Interests Created by New Debtor
Section 9-320 - Buyer of Goods
Section 9-324 - Priority of Purchase-Money Security Interests
Section 9-209 - Duties of Secured Party if Account Debtor Has Been Notified of Assignment
Section 9-208 - Additional Duties of Secured Party Having Control of Collateral
Section 9-207 - Rights and Duties of Secured Party Having Possession or Control of Collateral
Section 9-206 - Security Interest Arising in Purchase or Delivery of Financial Asset
Section 9-205 - Use or Disposition of Collateral Permissible
Section 9-204 - After–acquired Property; Future Advances
Section 9-202 - Title to Collateral Immaterial
Section 9-201 - General Effectiveness of Security Agreement
Section 9-110 - Security Interests Arising Under Article 2 or 2a
Section 9-108 - Sufficiency of Description
Section 9-107 - Control of Letter-of-Credit Right
Section 9-106 - Control of Investment Property
Section 9-105 - Control of Electronic Chattel Paper
Section 9-104 - Control of Deposit Account
Section 9-103 - Purchase-Money Security Interest; Application of Payments; Burden of Establishing
Section 9-102 - Definitions and Index of Definitions
Section 9-210 - Request for Accounting; Request Regarding List of Collateral or Statement of Account
Section 9-325 - Priority of Security Interests in Transferred Collateral
Section 9-301 - Law Governing Perfection and Priority of Security Interests
Section 9-323 - Future Advances
Section 9-321 - License of General Intangible and Lessee of Goods in Ordinary Course of Business
Section 9-319 - Rights and Title of Consignee With Respect to Creditors and Purchasers
Section 9-316 - Continued Perfection of Security Interest Following Change in Governing Law
Section 9-315 - Secured Party's Rights on Disposition of Collateral and in Proceeds
Section 9-314 - Perfection by Control
Section 9-517 - Effect of Indexing Errors
Section 9-309 - Security Interest Perfected Upon Attachment
Section 9-308 - When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection
Section 9-307 - Location of Debtor
Section 9-305 - Law Governing Perfection and Priority of Security Interests in Investment Property
Section 9-304 - Law Governing Perfection and Priority of Security Interests in Deposit Accounts
Section 9-302 - Law Governing Perfection and Priority of Agricultural Liens
Section 9-520 - Acceptance and Refusal to Accept Record
Section 9-623 - Right to Redeem Collateral
Section 9-625 - Remedies for Secured Party's Failure to Comply With Article
Section 9-626 - Action in Which Deficiency or Surplus Is in Issue
Section 9-627 - Determination of Whether Conduct Was Commercially Reasonable
Section 9-701 - Effective Date
Section 9-702 - Savings Clause
Section 9-703 - Security Interest Perfected Before Effective Date
Section 9-704 - Security Interest Unperfected Before Effective Date
Section 9-705 - Effectiveness of Action Taken Before Effective Date
Section 9-707 - Amendment of Pre-Effective-Date Financing Statement
Section 9-708 - Persons Entitled to File Initial Financing Statement or Continuation Statement
Section 9-801 - Effective Date
Section 9-802 - Savings Clause
Section 9-803 - Security Interest Perfected Before Effective Date
Section 9-804 - Security Interest Unperfected Before Effective Date
Section 9-805 - Effectiveness of Action Taken Before Effective Date
Section 9-807 - Amendment of Pre–effective Date Financing Statement
Section 9-808 - Person Entitled to File Initial Financing Statement or Continuation Statement
Section 9-518 - Claim Concerning Inaccurate or Wrongfully Filed Record
Section 9-622 - Effect of Acceptance of Collateral
Section 9-621 - Notification of Proposal to Accept Collateral
Section 9-339 - Priority Subject to Subordination
Section 9-619 - Transfer of Record or Legal Title
Section 9-522 - Maintenance and Destruction of Records
Section 9-523 - Information From Filing Office; Sale or License of Records
Section 9-524 - Delay by Filing Office
Section 9-526 - Filing–office Rules
Section 9-602 - Waiver and Variance of Rights and Duties
Section 9-603 - Agreement on Standards Concerning Rights and Duties
Section 9-604 - Procedure if Security Agreement Covers Real Property or Fixtures
Section 9-605 - Unknown Debtor or Secondary Obligor
Section 9-606 - Time of Default for Agricultural Lien
Section 9-521 - Uniform Form of Written Financing Statement and Amendment
Section 9-607 - Collection and Enforcement by Secured Party
Section 9-618 - Rights and Duties of Certain Secondary Obligors
Section 9-617 - Rights of Transferee of Collateral
Section 9-616 - Explanation of Calculation of Surplus or Deficiency
Section 9-613 - Contents and Form of Notification Before Disposition of Collateral: General
Section 9-612 - Timeliness of Notification Before Disposition of Collateral
Section 9-611 - Notification Before Disposition of Collateral
Section 9-610 - Disposition of Collateral After Default
Section 9-609 - Secured Party's Right to Take Possession After Default